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Apr 22, 2020
04/20
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julian lee writes for bloomberg on oil. he's a terrific strategist with a huge mathematical foundation. julian, thank you so much for joining us again. let me frame this to get out in ront of fatih. as you perceive the industry and the prize, what's the to-do list for the oil powers? how do they react? how do they apeck chew wait a -- effectuate a program to sustain and move oil higher? >> i think they face a huge problem. in of your guests enunciated that, some of them. we're facing a situation where oil demand is down something like 30%. that's in broad terms, it's 30 million barrels a day, down from where it was this time last year. even the output cuts that opec plus has agreed of 10 million barrels a day will only deal with a 1/3 of that. and then you stop for another two weeks and so until then, we've got this massive additional oil still in the market. to cut 30 million barrels a day, if opec would do that on its own, every member would have to stop producing, full stop. nothing from saudi arabia, nothing from any of
julian lee writes for bloomberg on oil. he's a terrific strategist with a huge mathematical foundation. julian, thank you so much for joining us again. let me frame this to get out in ront of fatih. as you perceive the industry and the prize, what's the to-do list for the oil powers? how do they react? how do they apeck chew wait a -- effectuate a program to sustain and move oil higher? >> i think they face a huge problem. in of your guests enunciated that, some of them. we're facing a...
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Apr 7, 2020
04/20
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joining me his oil strategist julian lee on the phone. e we in any global production conversation? julian? the short answer is we do not know. increasing seeing is suggestions saudi arabia and level,are at a technical or a level below vladimir putin and mohammed bin salman are talking to each other, they seem to be inching towards some kind of an agreement, but i think both of them are looking for some form of contribution from the united states. i think they're probably both coming to accept that is not going to be the sort of government to government type characterized has the opec-plus deal that brought saudi arabia and russia together. what they will except from the u.s. i think is unclear at the moment. that could still be the stumbling block when the ministers from the g20 get together on friday. how much time to they have to make this work? if this doesn't work this week, how much longer do we have before storage capacity runs out at the market makes these decisions for the leaders? -- julian: some producers are already at that poin
joining me his oil strategist julian lee on the phone. e we in any global production conversation? julian? the short answer is we do not know. increasing seeing is suggestions saudi arabia and level,are at a technical or a level below vladimir putin and mohammed bin salman are talking to each other, they seem to be inching towards some kind of an agreement, but i think both of them are looking for some form of contribution from the united states. i think they're probably both coming to accept...
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Apr 20, 2020
04/20
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francine: thank you so much, julian lee., as he was saying, it is very important to look at what is been going on with the futures contract and some of the conundrums as we try to understand the oil market and much more. this is what wti is doing now, i believe it is below $15 a barrel. a lot of volatility today. there may be volatility tomorrow because of the change of futures contracts will stop are also looking at earnings. this may give us that are idea of what we do next in terms of exit ease. european stocks were getting some 1% at the open. they are now down 0.4%, following asia lower and following futures in the u.s., tom. tom: very, very interesting. a lot of the earnings are industrial away from the bank earnings we saw yesterday in that important interview with mr. gorman. right now we want to drive forward to what we're going to be doing for the rest of this hour. gideon rose, foreign affairs magazine. onir new issue is very much climate change, be pushed to the side but i'm sure gideon rose to the essays we have
francine: thank you so much, julian lee., as he was saying, it is very important to look at what is been going on with the futures contract and some of the conundrums as we try to understand the oil market and much more. this is what wti is doing now, i believe it is below $15 a barrel. a lot of volatility today. there may be volatility tomorrow because of the change of futures contracts will stop are also looking at earnings. this may give us that are idea of what we do next in terms of exit...
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Apr 3, 2020
04/20
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julian lee, his dynamics are world-class. i am going to cut to the chase.s of citigroup one of the most scathing notes i have seen in the last six hours and said the president is wrong, he will not get it done, and we lack ofconsider massive demand, massive uncoordinated oversupply, prices to the teams, and even this -- teens and even the single digits. how do we get down to unimaginably lower prices? julian: the way we get down there is if there isn't a deal, and i share some of ed morris' skepticism, then we will run out of space to score the oil that people are producing but consumers aren't using. the problem will be that when we run out of storage space, prices will have to come down far enough to stop people from ,umping, and it very likely that will be into single digits. workdoes this only particularly on a monday virtual opec-plus call if the plus of washington climbs on board and allows oil supply cuts in the united states? julian: i think it probably does only work that way. there are two reasons and one is politics. the saudis have been beaten o
julian lee, his dynamics are world-class. i am going to cut to the chase.s of citigroup one of the most scathing notes i have seen in the last six hours and said the president is wrong, he will not get it done, and we lack ofconsider massive demand, massive uncoordinated oversupply, prices to the teams, and even this -- teens and even the single digits. how do we get down to unimaginably lower prices? julian: the way we get down there is if there isn't a deal, and i share some of ed morris'...
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Apr 20, 2020
04/20
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julian lee says you get a great idea of the impact of the shutdown in the u.s.u look at what is going on on the road. urban traffic congestion plunged in the first half of march. the additional time spent in the car during peak hours has also fallen by 90% from a year ago. stay-at-home policies have had dramatic impact on the use of gasoline in the u.s. the four-week average demand has 1/3 in two less than the month, the lowest since 1991. perfect segue into earnings recap, which is halliburton. that company coming out with earnings. it is slashing spending. it already furloughed workers. they are going to cut capital spending by 56%. this is their first sub one billion-dollar budget since 2016. schlumberger cut their dividend by 75%. a different story when it comes to dupont. -- that stock up in premarket by about 3%. they also got an upgrade this morning over at j.p. morgan. in the broader market, it is definitely a risk off tone. that has to do with the oil price in some ways. we have $13 a barrel, a staggering decline, a 21 year low. do we even make it to au
julian lee says you get a great idea of the impact of the shutdown in the u.s.u look at what is going on on the road. urban traffic congestion plunged in the first half of march. the additional time spent in the car during peak hours has also fallen by 90% from a year ago. stay-at-home policies have had dramatic impact on the use of gasoline in the u.s. the four-week average demand has 1/3 in two less than the month, the lowest since 1991. perfect segue into earnings recap, which is...
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silent over julian songe things like co-founder roger waters roger thanks for coming in the studio at last a sign of the finely exactly you've been campaigning for julia son shelagh and lee they have talked about them by richard berke and you know that the british guardian newspaper maybe channel 4 news if you watch that you could be forgiven for thinking you know and which of bergen and others are basically campaigning for a russian agent who's committed sex arrives i mean everything that he's said now in strew. how they're even having these extradition. trial for julian assange is weird because it's goes completely contrary as we know to u.k. law so our law the law of this country the little that supposed to represent all wear wigs or addition treaty with the united today has a treaty but it specifically precludes anything that could be claimed to be a political crime or a political misdemeanor which obviously this is because julian his son is only crime is to speak the truth to the people and he's speaking truth though to a powerful elite to do not want the truth spoken to the people to go to serve is obviously believes that the espionage act that hacking these are cr
silent over julian songe things like co-founder roger waters roger thanks for coming in the studio at last a sign of the finely exactly you've been campaigning for julia son shelagh and lee they have talked about them by richard berke and you know that the british guardian newspaper maybe channel 4 news if you watch that you could be forgiven for thinking you know and which of bergen and others are basically campaigning for a russian agent who's committed sex arrives i mean everything that he's...